TaxTMI 
TaxTMI 
Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) (Amendment) Regulations, 2026.
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.... I. in regulation 2, in sub-regulation (1), a. after clause (v) and before clause (w), the following clause shall be inserted, namely, - "(va) "retail individual investor" means an individual investor who applies or bids for municipal debt securities for a value of not more than two lakhs rupees;" b. after clause (za), the following clause shall be inserted, namely, - "(zb) "working day" means all days on which commercial banks in the city, as specified in the offer document, are open for business; Explanation: For the purpose of this definition, in respect of - (i) Announcement of bid /issue period: working day shall mean all days, excluding Saturdays, Sundays and public holidays, on which commercial banks in the city as notified in the offer document are open for business; (ii) the time period between the bid/ issue closing date and the listing of the nonconvertible securities on the stock exchanges: working day shall mean all trading days of the stock exchanges for non-convertible securities, excluding Saturdays, Sundays and bank holidays, as specified by the Board;" II. aft....
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....offering an incentive in the form of additional interest or a discount to the issue price to senior citizens, women, serving and retired defence personnel, widows and widowers of defence personnel, retail individual investors or any other category of investors as may be specified by the Board from time to time: Provided further that such incentive shall be available only to the initial allottee but not in case the municipal debt securities are transferred/ transmitted post allotment." VIII. in regulation 23, in sub-regulation (2), the word "of" appearing after the words "shall comprise" and before the words "independent directors", shall be omitted. IX. in regulation 27, in sub-regulation (3), after the words "Schedule I", the words and symbols "or Schedule IB, as applicable," shall be inserted. X. in Schedule I, in paragraph 5, after clause (h), the following clause shall be inserted, namely,- "(i) If the project is re-financed, the following details shall be provided in respect of the lenders and existing project(s) related loan(s) or debt that are being refinanced, as per the specified format: i. Type of existing loan/ debt ....
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.... in this Schedule. 3. General information: (a) Name and address of the head office and other offices of the issuer (b) Registered and corporate office of the issuer, if applicable (c) Details of the members of the Committee approving the Issue/ project(s) of the Issuer and Bond Issue Committee or any such similar committee, in the following format:- Name and Designation Date of Appointment or Resignation Member of the Committee since (in case of resignation) Remarks (d) Name, designation, address and DIN of each member of the board of directors of the issuer if the issuer is a company. (e) Name, address, telephone number and email address of the compliance officer of the issuer (f) Complete Details of the Official In-charge of dealing with investor Grievances related to the Municipal debt securities, his/her address, phone number, email ID, etc. (g) Chief Accounts and Finance Officer or equivalent of the Issuer (h) Arrangers, if any, of the instrument ....
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....rocess, etc. (b) Where the issuer proposes to undertake more than one activity or project, such as diversification, modernization, or expansion, etc., the total project cost activity-wise or project wise, as the case may be. (c) Where the issuer is implementing the project(s) in a phased manner, the cost of each phase, including the phase, if any, which has already been implemented, shall be separately given. (d) An investment plan for the project components as well as phases thereof as well as financing thereof as approved by the local authority or the agency as the case may be. (e) Schedule of implementation of the project(s). (f) Benchmarks for commencement and completion of the project(s) including milestone dates for all components of the project. (g) Details and status of the regulatory approval (if required). (h) Expenses of the Issue: Expenses of the issue along with a break up for each item of expense, including details of the fees payable to/for separately as under (in terms of amount, as a percentage of total issue expenses and as a percentage of total issue size): (i) Lead manager(s) fees i....
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.... (j) 'Terms of payments' and procedure and time schedule for allotment and issue certificates/demat credit. (k) How to apply, availability of application forms and letter of offer and mode of payment. (l) Change in terms and conditions of municipal debt securities issued in past 5 years (i.e. change in coupon, maturity, call/put option etc.). (m) Procedure and time schedule for allotment and issue of municipal debt securities. (n) Details of escrow payment mechanism for the repayment of the interest/principal. 8. Financial Information I. Following details as per the financial statements for past 3 years in tabular format: (a) Abridged Balance Sheet, Income and Expenditure and Receipts and Payments Accounts of the Issuer for the last three financial years with major heads: Provided issuers who are desirous of issuing debt securities on private placement basis and who are in existence for less than three years may disclose financial statements mentioned above for such period of existence. (b) Link and Quick Response (QR) code to the web page of the Issuer where the Abridged Balance ....
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....al revenue Ratio of Debt Service / Total Revenue Provided issuers who are desirous of issuing debt securities on private placement basis and who are in existence for less than three years may disclose financial statements mentioned above for such period of existence. II. Details of top five revenue sources for the previous three years of the constituent Municipalities: Revenue Receipt type Actual Actual Actual FY FY FY XYZ 1 XYZ 2 XYZ 3 XYZ 4 XYZ 5 III. Details of property tax collection of the constituent Municipalities: Particulars Demand Raised Collections Overall Collection ratio Current Collection ratio Arrears Current Total Cur....
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....er in whole or part, at a premium or discount, or in pursuance of an option; V. Sufficient revenue generation and resources for timely servicing and redemption. VI. Estimated Scenarios of Asset Liability Mis-matches, efforts intended to resolve the same. 9. Legal and Other Information: a. Pending litigations and material developments: Pending Litigations involving the issuer/ its directors/ promoters/ subsidiaries/ constituent Municipalities: ^1[(i)] All criminal proceedings; ^2[(ii)] All actions by regulatory and statutory authorities; ^3[(iii)] Disciplinary action including penalty imposed by SEBI or stock exchanges against the promoters during the previous five financial years including outstanding action; ^4[(iv)] Claims related to direct and indirect taxes, in a consolidated manner, giving the number of cases and total amount; ^5[(v)] Other pending litigation - As per the policy of materiality defined by the Board of Directors of the Issuer and disclosed in the offer document/placement memorandum. b. Outstanding dues to creditors of the issuer: ^6[(i)] Based on the policy on m....
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....overnment approvals: a. Investment approvals, letter of intent or industrial license from GoI, RBI, etc., as applicable for the issuer, and declaration of the Central Government, Reserve Bank of India or any regulatory authority about the non-responsibility for financial soundness or correctness of the statements; b. All Government and other approvals which are material and necessary for carrying on the business and operations of the issuer and material subsidiaries. 11. Undertaking by the issuer: The following undertaking by the issuer shall be given: a. that it shall submit the documents disclosed in the offer document or placement memorandum to the Debenture Trustee in electronic form (soft copy). b. that the complaints received in respect of the issue shall be attended to by the issuer expeditiously and satisfactorily. c. that all steps for completion of the necessary formalities for listing and commencement of trading at all stock exchanges where the securities are to be listed are taken within the period specified by the Board. d. Declaration signed by the Director(s) of the Issuer, if it is a body corporate to which....